IMF destroys Bukele's crypto dreams once for all: No more Chivo Wallet, Volcano Bonds cancelled, crypto mining in LaGeo closed, cryptocurrency purchases halted, and the FideBitcoin Trust Fund liquidated.

 Thats right! The IMF is once again reminding Nayib Bukele that he has to bow down to get an emergency rescue loan.

The government of El Salvador spent over 1.6 Billion dollars trying to implement Bitcoin as legal tender, and so far less than 4% of the population uses Bitcoin for transactions, crypto remittances hit a new all time low (less than 3%), and plans to build Bitcoin City in Conchagua have been scrapped.

One of the key demands from the IMF is to stop any crypto related purchases by July 2025, which means that Nayib Bukele will have to stop ordering to buy the dip to keep the emergency rescue loan. A major blow to Bukele's dream of hyperbitcoinization. In addition to that, the Bitcoins must be transferred to El Salvador's Central Bank and will have to be sold before the end of 2025.

The crypto mining facility in Berlín, Usulután is going to shut down in the coming weeks. Allegedly, the mining rig was plagged with power outages and also floods.

FideBitcoin was supposed to be a Trust Fund that Chivo Wallet used to exchange Bitcoin for US dollars. It was a government sponsored fund that will be liquidated, which means that Chivo Wallet will have to come up with the money to change Bitcoin for US dollars.

By the way, Chivo must be sold even though no one is interested in purchasing it due to low usage.

El Salvador's crypto dream is ending, humilliated and crushed by the IMF. As I predicted back in 2021.